CIBC Asset Management Inc lifted its stake in Corning Incorporated (NYSE:GLW) by 2.3% in the fourth quarter, HoldingsChannel.com reports. The fund owned 90,518 shares of the electronics maker’s stock after purchasing an additional 2,060 shares during the period. CIBC Asset Management Inc’s holdings in Corning were worth $2,896,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently made changes to their positions in the company. Benjamin F. Edwards & Company Inc. grew its position in Corning by 241.6% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock valued at $112,000 after buying an additional 2,650 shares during the period. MPS Loria Financial Planners LLC bought a new stake in Corning during the second quarter valued at approximately $112,000. IHT Wealth Management LLC grew its position in Corning by 13.4% during the second quarter. IHT Wealth Management LLC now owns 4,117 shares of the electronics maker’s stock valued at $165,000 after buying an additional 485 shares during the period. Resources Investment Advisors Inc. grew its position in Corning by 611.0% during the fourth quarter. Resources Investment Advisors Inc. now owns 5,190 shares of the electronics maker’s stock valued at $166,000 after buying an additional 4,460 shares during the period. Finally, Cable Hill Partners LLC grew its position in Corning by 1,041.3% during the third quarter. Cable Hill Partners LLC now owns 5,273 shares of the electronics maker’s stock valued at $158,000 after buying an additional 4,811 shares during the period. Hedge funds and other institutional investors own 72.11% of the company’s stock.
Corning Incorporated (NYSE GLW) opened at $28.45 on Friday. The company has a current ratio of 2.75, a quick ratio of 2.22 and a debt-to-equity ratio of 0.35. Corning Incorporated has a 1-year low of $26.31 and a 1-year high of $35.10. The firm has a market cap of $25,915.29, a P/E ratio of 17.24, a price-to-earnings-growth ratio of 4.46 and a beta of 1.34.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Wednesday, February 28th will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Tuesday, February 27th. This represents a $0.72 annualized dividend and a yield of 2.53%. This is an increase from Corning’s previous quarterly dividend of $0.16. Corning’s payout ratio is currently -79.49%.
In other Corning news, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of Corning stock in a transaction that occurred on Thursday, December 21st. The shares were sold at an average price of $32.42, for a total transaction of $1,675,335.92. Following the transaction, the insider now owns 136,032 shares of the company’s stock, valued at $4,410,157.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Deborah Rieman sold 2,083 shares of Corning stock in a transaction that occurred on Thursday, December 14th. The shares were sold at an average price of $32.16, for a total transaction of $66,989.28. Following the transaction, the director now directly owns 102,896 shares in the company, valued at approximately $3,309,135.36. The disclosure for this sale can be found here. 0.59% of the stock is owned by insiders.
Several brokerages recently issued reports on GLW. Guggenheim restated a “buy” rating and set a $35.00 target price on shares of Corning in a research report on Tuesday, December 12th. Citigroup boosted their target price on shares of Corning from $33.00 to $35.00 and gave the company a “neutral” rating in a research report on Thursday, January 25th. Zacks Investment Research lowered shares of Corning from a “hold” rating to a “sell” rating in a research report on Friday, October 20th. ValuEngine upgraded shares of Corning from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Finally, Deutsche Bank boosted their target price on shares of Corning from $33.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday, October 25th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Corning currently has an average rating of “Hold” and a consensus price target of $31.47.
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Corning Company Profile
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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